Profit

Lupin Q1 Profit Jumps 55%, Gets Boost From Lower Tax Rate

 Share
EMAIL
PRINT
COMMENTS
Lupin Q1 Profit Jumps 55%, Gets Boost From Lower Tax Rate
Mumbai: Lupin Ltd, India's third largest drug maker, posted a 55 per cent rise in quarterly profit, but shares fell as some analysts noted the jump was driven in part by a lower tax rate.

Net profit came in at Rs 882 crore ($131.76 million) for the April-June quarter, compared with Rs 569 crore a year earlier, as per the new Indian Accounting Standard under which Lupin reported.

Lupin shares fell as much as 5.6 per cent to a one-month low of Rs 1,598, in late afternoon trading in Mumbai.

An HDFC Securities analyst noted that Lupin's net profit was in line with the bank's estimate, but that margins were off 2.5 per cent, due to higher employee costs.

Sales in North America, Lupin's largest market, surged 82.3 per cent, helped by sales of products bought via the acquisition of Gavis in July, and higher sales of its generic version of diabetes drug Glumetza.

Sales in Japan rose 31 per cent, while those in India, Lupin's second largest market, grew 5.2 per cent, the company said in a statement.

($1 = Rs 66.94)
© Thomson Reuters 2016


Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top